The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time(N.Y.)Eurozone Services PMI Survey (AUG) 55.6 55.6 4:00US Nonfarm Payrolls (AUG) -105,000 -131,000 8:30Eurostat Retail Sales (JUL) 0.6% 0.4% 5:00ISM Non-Manufacturing Index (AUG) 53.2 54.3 10:0
Metal Prices: ($/ton)
Last % Chg RSI
Co
0pper 7,635 +0.4 66
Aluminum 2,145 +1.8 59
Zinc 2,174 +1.9 62Lead 2,155 +1.9 60
Other Markets:
Nickel 21,650 +2.9 56
Tin 21,425 -0.1 6
1 Last % Chg % YTD
U.S. Dollar Index 82.395 -0.1 +5.1
Crude Oil $74.93 +1.4 +10Gold $1,251.0 +0.5 +28MSCI World Index 1,119.15 +0.7 +5.7
COMMODITY EXCLUSIVES:
Copper in Shanghai Set for Pre-Lehman Level: Technical Analysis
Copper futures in Shanghai may climb to 64,000 yuan ($9,412) a metric ton by the yearend, a level not seen since the collapse of Lehman Brothers Holdings Inc. in 2008, Cifco Research Institute said, citing trading patterns.
BHP Pledge on Potash Jobs Would Get Deal Approved, Lawyers Say
BHP Billiton Ltd. would get Canadian approval for its $40 billion hostile bid for Potash Corp. of Saskatchewan Inc. by pledging to preserve head-office jobs and support a fertilizer- marketing company, said lawyers specializing in foreign investment and a former minister.
China Buying Australia by the Shipload Raises Cash, Outback Ire
Every third Wednesday, Michael Box gets up at 3:30 in the morning to catch a flight out of Perth, an isolated city of 1.6 million in southwest Australia, to an even more remote section of the country: the Pilbara.
INDUSTRIAL METALS:
Copper Heads for Third Weekly Advance on U.S. Economic Data
Copper traded near a four-month high, and headed for a third weekly advance, as a slew of better-than- expected data from the U.S. and China this week fueled speculation that the global economy is recovering.
Copper May Gain as Chinese Manufacturing Improves, Survey Shows
Copper may extend gains after manufacturing data in China, the world’s top user, signaled a possible strengthening in demand, according to a survey.
MINING:
Goldcorp Says Will Buy Andean Resources for About C$3.6 Billion
Goldcorp Inc. said it will buy all outstanding shares in Andean Resources Ltd. for approximately C$3.6 billion.
Newcastle Coal Port Ship Queues ‘Unacceptably Long’
Port Waratah Coal Services Ltd., operator of two export terminals at Newcastle in Australia, said queues of ships waiting to load the commodity at the harbor are “unacceptably long,” causing higher costs for the industry.
Eldorado Gold Bids C$3.4 Billion in Stock for Andean
Eldorado Gold Corp., Canada’s fifth- largest producer by market value, offered C$3.4 billion ($3.2 billion) in stock for Australia’s Andean Resources Ltd., which said it’s in talks for a rival transaction.
Anglo American Seeks Coking Coal Assets in Russia, Mongolia
Anglo American Plc, the third- largest producer of steelmaking coal, is seeking an acquisition that may more than double existing output to meet rising Chinese and Indian demand.
Fortescue Metals Group Denies Allegations in Leucadia Writ
Fortescue Metals Group Ltd. denied the allegations made by Leucadia National Corp. in a writ it received on Wednesday, according to a regulatory filing.
Vale to Explore for Kazakh Copper, Gold, According to Ministry
Vale SA, the world’s largest iron- ore producer, will explore for copper and gold in Kazakhstan as the country seeks outside investors, a ministry official said.
PRECIOUS METALS:
Gold Poised for Fifth Straight Weekly Gain on Growth Concerns
Gold, little changed, may climb for the fifth straight week on speculation that an economic slowdown will increase demand for the precious metal as a store of value.
Gold May Rise as Slowdown Spurs Investor Demand, Survey Shows
Gold may advance on speculation the U.S.’s economic slowdown will spur demand for the precious metal as a haven from declines in other assets.
AGRICULTURE:
Wheat Advances as Russia Extends Export Ban, FAO Calls Meeting
Wheat climbed after Russia, the third-largest grower last year, extended a ban on exports into next year after a drought destroyed crops, tightening global supplies. The United Nations’ Food and Agriculture Organization called a special meeting to address the global grains situation.
FAO Calls ‘Extraordinary’ Meeting Amid Fears of Wheat Shortage
The United Nations’ Food and Agriculture Organization called a special meeting of policy makers to discuss the global cereal markets as Russia extended a grain-export ban, stoking concern there may be wheat shortages.
Soybean Imports by China May Climb 5.8%, Zhou Says
Soybean imports by China may advance as much as 5.8 percent in the 2010-2011 year as growing crushing and storage capacity spurs purchases, said Frank Zhou, general manager, soybean trading, at Cargill Investment (China) Ltd.
Rubber Has First Weekly Drop in Three on U.S. Growth Concern
Rubber declined, booking the first loss in three weeks, amid speculation that the U.S. jobless rate increased last month, weakening investor appetite for the commodity used in tires.
Sugar May Drop on Outlook for Brazil’s Crop, Credit Suisse Says
Sugar may decline as Brazil’s harvest prospects “remain positive,” Credit Suisse Group AG said.
Sugar Futures May Rise as Global Supplies Tighten, Survey Shows
Sugar futures may rise on speculation that global supplies are tightening, according to a Bloomberg survey.
Palm Oil Climbs on Soybeans, Set for First Weekly Gain in Three
Palm oil futures advanced for a second day and were poised for the first weekly gain in three after rival soybean oil climbed on expectations that the U.S. soybean harvest may not reach a record.
New Zealand Farmers Seek Reciprocal Rights for China Land Buys
New Zealanders should have the right to buy land in China if investors in the Asian country want to purchase agricultural properties in the world’s largest dairy exporter, according to a farm group leader.
ECONOMIES:
China Home Prices to Fall From This Month, BNP Says
China’s home prices will decline from this month as the government maintains its lending curbs and increases the supply of public housing, forcing property developers to cut prices to boost sales, BNP Paribas said.
ECB Keeps Key Interest Rate at 1%, May Maintain Crisis Mode
The European Central Bank kept interest rates at a record low today and President Jean-Claude Trichet may signal the bank will stay in crisis mode into next year.
U.S. Economy: Pending Home Sales Unexpectedly Rise
Pending sales of existing houses unexpectedly climbed in July from a record low, indicating the real-estate market is steadying following the end of a government tax credit.
OTHER MARKETS:
Asian Stocks Rise After U.S. Home Sales; Japanese Bonds Fall
Asian stocks rose, extending the benchmark index’s biggest weekly gain in a month, as a surprisingly positive increase in pending U.S. home sales lifted confidence in the world’s largest economy. Japanese bonds dropped while the South Korean won strengthened.
Dollar Heads for Weekly Loss Versus Euro, Yen Before Jobs Data
The dollar headed for a weekly loss against the euro and yen before a U.S. report forecast to show American employers cut jobs last month, damping demand for assets in the world’s largest economy.
Bond-Market Bubble to Burst, Boost Stocks, Axa Framlington Says
A “bubble” in fixed-income markets is set to burst and will drive funds into stocks, according to Axa Framlington, which oversees $30 billion in global assets.
Oil Heads for Weekly Drop on Forecast for U.S. Jobless Increase
Oil declined, headed for a weekly drop, amid forecasts that a U.S. government report will probably show the jobless rate rose in August for the first time in four months, signaling a recovery in fuel demand may falter.
(bloomberg.com)
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